NEW YORK–(BUSINESS WIRE)–Lightyear Capital LLC (“Lightyear”), Oak HC/FT, and Greater Sum Ventures (“GSV”) today announced that investment funds affiliated with Lightyear, Oak HC/FT, and GSV have signed a definitive agreement to sell Therapy Brands to KKR. Financial terms were not disclosed. Funds affiliated with Lightyear and Oak HC/FT acquired a majority stake in Therapy Brands in July 2018.
Therapy Brands provides practice management, integrated patient payments, revenue cycle management, patient engagement, tele-health and data management solutions for mental and behavioral health practices to support their clinical, administrative and billing needs. The Therapy Brands suite of software tools enables more than 28,000 practices in psychotherapy, applied behavioral analysis, substance use recovery, and physical therapy to streamline their practices and focus on their patients.
Kimberly O’Loughlin, CEO of Therapy Brands, said, “We are excited about partnering with KKR on the next chapter of growth as we work to make it easier for providers to spend more time and focus on delivering high quality care to patients. I want to thank the teams at Lightyear, Oak HC/FT and GSV for their invaluable support and investment to drive client growth, adoption of our value-added solutions and expand our portfolio with M&A.”
Mark F. Vassallo, Managing Partner of Lightyear, stated, “The investment in Therapy Brands reflects Lightyear’s ongoing thematic focus on the intersection of tech-enabled financial services and healthcare. Under our ownership, Therapy Brands has more than tripled in size through a combination of strong organic growth and nine strategic acquisitions. It has been a pleasure working with Kimberly and the Therapy Brands team, and we wish them continued success.”
Andrew Adams, Co-Founder and Managing Partner of Oak HC/FT, said, “When we invested in Therapy Brands in 2018, the software market for mental and behavioral health providers was extremely fragmented, populated by incomplete point solutions. Therapy Brands built an innovative end-to-end solution to successfully tackle this critical pain point in healthcare, and we’re excited to see all that the team accomplishes in this next chapter.”
Ross Croley, CEO and Founder of GSV, added, “It’s gratifying to have shepherded Therapy Brands since its inception in 2017 and now to celebrate all the company’s achievements within mental and behavioral health. We’re proud of this successful evolution in technology and all it means for both the providers and patients of this vital healthcare sector.”
William Blair and TripleTree are acting as financial advisors and Davis Polk & Wardwell LLP as legal advisor to Therapy Brands.
About Therapy Brands
At a time when the topics of digital connectivity and access to care are at the forefront of the cultural conversation in the U.S., Therapy Brands is equipping practitioners with effective solutions to address the growing needs of mental and behavioral health, substance use recovery, applied behavior analysis and rehabilitation populations. Through purpose-built, fully integrated practice management and HER solutions provided by Therapy Brands, healthcare providers can improve patient quality of care and support better health outcomes for those they serve. Therapy Brands is headquartered in Birmingham, AL. For more information, please visit us at: https://www.therapybrands.com/.
About Lightyear Capital LLC
Founded in 2000, Lightyear Capital is a financial services-focused private equity firm based in New York. Through its affiliated private equity funds, Lightyear makes primarily control investments in North America-based, middle-market companies across the financial services spectrum, including asset and wealth management, banking, brokerage, healthcare financial services, insurance, payments and processing, and specialty finance. The firm brings focus and discipline to its investment process, as well as operating, transaction and strategic management experience, along with significant contacts and resources beyond capital. For more information, please visit www.lycap.com.
About Oak HC/FT
Founded in 2014, Oak HC/FT is the premier venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). With $3.3 billion in assets under management, we are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT, with offices in Boston and San Francisco. Follow Oak HC/FT on Twitter, LinkedIn, and Medium.
About Greater Sum Ventures
Greater Sum Ventures (GSV) is an entrepreneurial family office that invests its own capital in middle market software and tech-enabled services companies. With entrepreneurial roots and proven operational and investing experience, GSV works with select independent co-investing partners to build platforms of technology companies that revolutionize the industries they serve. Headquartered in Knoxville, Tennessee, GSV provides access to capital and operational support to midmarket technology firms all over the world. To learn more, visit GreaterSumVentures.com.
For Therapy Brands:
For Oak HC/FT: